Passion vs. Practical: Which Type of Business Should You Start?
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Episode Brief Description
Should you start a passion business or a practical business? Most people tell you passion, but is that always right? We dive in and discuss the pros and cons of each approach to business.
Are you looking to create your ideal lifestyle? Then we invite you to become a #lifestylebuilder.
Key Insights & Timestamps
- [00:52] – Welcome
- [06:00] – Why Following Your Passion Can Get You In Trouble
- [09:34] – Hard To Run Your Passion Business Like A Business
- [14:42] – Let’s Talk Practical Business
- [22:42] – Should You Select A Passion or Practical Job
- [27:47] – Your Homework
- [32:12] – Tom’s Bookshelf
Your Homework
Ariana’s Homework
- Check out the Ikigai chart and use that to help you decide the which business to pursue.
Tom’s Homework
- Whatever you have a passion for, I want you to think about how you will make money, then prove it out.
Tom’s Bookshelf
How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life
Resources Mentioned
- How to Your Business Idea & Start Making Sales
- The eMyth Revisited: Why Most Small Businesses Fail & What To Do About It
- Quitter: Closing the Gap Between Your Day Job & Your Dream Job
- Building Your Ideal Lifestyle
- Plan With Purpose: The Ultimate Guide to Creating Your Ideal Lifestyle
- Lifestyle Builders Mentorship
- Join our Free Facebook Group for Family-Focused Entrepreneurs
Key Insights
- Passion can be good or bad when applied to business
- Have the passion for the end goals, not necessarily the mean goals
- Fall in love with your customers, not the product or service you offer
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